Financial regulation is entering the digital age, converting tools and strategies from analog to digital design. In the next decade, this transformation will reach critical mass and do for regulation what digitization does for everything else—make it better, faster, and cheaper. Financial institutions and their regulators have always been active technology adopters. Both finance and...
Last year, as regulators across the world were grappling with the multiple effects of COVID-19 on their economies, one movement caught the attention of many of them: record-breaking volumes of consumer complaints. This trend, consistent in high-income countries such as the United States, was also observed in low- and middle-income countries such as Colombia. This marked increase...
2019 saw the FCA dishing out the highest level of fines ever, totaling nearly £400m in a twelve-month period. This included hefty penalties relating to anti-money laundering failings. However, in the FCA’s 2019 thematic review the organisation did provide its recommendations for how banks can better their AML processes, stating, “For an effective defense against...
For many years, financial sector supervisors saw with skepticism the adoption of SupTech—essentially the use of technology-enabled solutions to increase the efficiency and effectiveness of supervisory activities. Many asked “why” they should be investing in these technologies, in a common first reaction to any process that will substantially impact the way things are done.Although some...
LONDON (Reuters) – Risks related to political developments in the U.S. have emerged as the main economic concern for central banks, alongside trade wars and a global slowdown, according to a UBS survey. Further disruptions of major economies by the COVID-19 crisis, including new shutdowns, were expected by a total of 42% of respondents to...